Domestic benchmark indices extended their fall for the second session on October 13 (Friday). The 30-share benchmark BSE Sensex pack slipped 126 points or 0.19 per cent to close at 66,283, while the broader NSE Nifty index moved 43 points or 0.22 per cent down to settle at 19,751. India VIX, fear index, fell 0.72% to 10.70-level
For October 16 (Monday), share market analysts at a few brokerages have assigned 'Buy' calls on RITES, Tata Motors, Jamna Auto Industries and Sequent Scientific. Check share price targets, analysis, investment rationale and other crucial details about these technical bets
LTP: Rs 500
An analyst at LKP Securities has given a 'Buy' call on RITES shares with target prices of Rs 540-550. The stock has gained 45.92% on a year-to-date (YTD) basis
"RITES has demonstrated a sharp reversal on daily charts with a significant increase in volumes, indicating bullish activity at the support levels. The momentum indicator RSI (Relative Strength Index) has given a positive crossover, confirming a buy signal. Key support for the stock is at Rs 470 (stop loss), acting as a cushion for the bulls. Upside potential targets are Rs 540 and Rs 555," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
LTP: Rs 667.10
The analyst from LKP has also picked Tata Motors in its technical stock recommendations, giving a 'Buy' call with target price of Rs 700-720 per share. The scrip has surged 68.97% in 2023 so far
"The stock has experienced a fresh breakout from a sideways consolidation pattern, marked by a sharp increase in volumes on both smaller and larger time frames, confirming its bullish undertone. It has found support at the 20-DMA (Day Moving Average) and rebounded strongly, with this level now acting as support for the bulls. Additionally, the momentum indicator RSI has surpassed the level of 660, reinforcing the buy signal. Keep stop loss at Rs 630 for targets of Rs 700-720," said Shah from LKP
LTP: Rs 120.55
The analyst from LKP Securities suggested a 'Buy' rating on Jamna Auto Industries shares with target prices of Rs 132-140. The stock has risen 14.81% on a year-to-date (YTD) basis. "Jamna Auto has experienced a strong reversal on daily charts, accompanied by a sharp surge in volumes. The stock has also surpassed its short-term moving average of 20-DMA with significant volumes, confirming its bullish undertone. Moreover, the momentum indicator RSI has given a positive crossover, validating the buy signal. The stock finds support at Rs 112 (stop loss), and the potential upside targets are Rs 132 and Rs 140," Shah said
LTP: Rs 103
An analyst from Prabhudas Lilladher (PL) has also placed a 'Buy' call for Sequent Scientific shares, suggesting a target price of Rs 140. The stock has moved 16.58% higher in 2023 so far. "The scrip has made a decent base near the Rs 85 level, improving the bias. Anticipate a decent rally in the coming days. We suggest buying and accumulating this stock for an upside target of Rs 140 levels, keeping the stop loss of Rs 85," said Vaishali Parekh, Vice-President - Technical Research at PL
"Bulls were able to protect the level of 19,600 during the day, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. The strength may continue as long as the index remains above 19,600. Only a decisive fall below 19,600 might trigger serious long unwinding in the market, till then a buy on dips strategy to favor the market. On the higher end, resistance is visible at 19,850. Above 19850, the index might move towards 20,000," said Rupak De, Senior Technical analyst at LKP Securities
"In Nifty Bank, the ongoing battle between bulls and bears continued. Resistance is established at the 44,700 mark, while the support lies at 44,000. The overall market sentiment remains bullish as long as the critical support at 44,000 holds, and a breach below this level, confirmed by a closing basis, may lead to renewed selling pressure. On the upside, a substantial resistance level is placed at 45,000, and a breakout beyond this point is likely to trigger significant short-covering," said Kunal Shah from LKP Securities
Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position